KUALA LUMPUR, April 13 (Bernama) — The government has yet to finalise fixing the age limit for retirees to withdraw their Employees’ Provident Fund (EPF) savings at 60 years.
Deputy Finance Minister Datuk Chua Tee Yong said the matter was merely a proposal from EPF in line with the extension of the retirement age by the government from 55 years to 66 years currently.
“The matter is still at the discussion stage. Any implementation must first go through the cabinet,” he said when met by reporters at the Parliament lobby here Monday.
Last week EPF was reported to be ready to consider changing the permissible age for members to withdraw their savings from 55 years at present to the retirement age of 60, which drew flak from various quarters.
Meanwhile Perlis Umno Liaison Committee chairman Datuk Seri Shahidan Kassim said he did not agree with the proposal by EPF and instead suggested the age limit be lowered to 50 years.
“We also suggest that EPF funds be managed by commercial banks so that members can receive higher dividends,” said Shahidan who is also Minister in the Prime Minister’s Department.